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Dead internet

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WHAT WE’RE TRACKING TONIGHT

UAE’s Amass Investments submits binding offer to invest EGP 100 mn in Osool ESB capital increase

Good afternoon, friends. Today’s issue comes with news of investments, US tariffs, an announcement of the death of the internet, and some fun ways you can forget about all of that.

THE BIG STORY TODAY-

The UAE’s Amass wants a piece of Osool ESB: Abu Dhabi-based AmassInvestments has submitted a binding offer to subscribe to the capital increase shares that will be issued by EGX-listed brokerage Osool ESB, according to two separate filings to the exchange here (pdf) and here (pdf). There’s no publicly available information about the size of the potential capital increase.

The details: Amass is offering to invest EGP 100 mn in the capital increase at the fair value price that will be decided by an independent financial advisor, with the investment set to be an off-market private placement transaction. It’s noteworthy that Osool Holding holds a 74.2% stake (pdf) in the listed company, while another substantial shareholder has an 8.2% stake. Only around 25.8% of the company is on free-float.

A deposit in good faith: The Emirati firm has transferred the full amount they are willing to invest to Osool’s bank account, which will remain in escrow until the Osool makes a decision to accept or reject the offer. Osool will hold a board meeting on Thursday to evaluate the offer.

Market reax: Osool’s shares jumped 20% today closing at EGP 0.92 apiece.

THE BIG STORY ABROAD-

Trump’s new tariffs see USD strengthen, non-US stock markets slide: US president Donald Trump’s administration recently announced tariffs on Mexican, Canadian, and Chinese imports — set to take effect tonight at midnight — has sent investors into a selling spree, with indications that markets had not taken Trump’s tariff threats at face value, Reuters reports.

The fallout: The greenback has strengthened against other currencies as investors take refuge in it and US treasuries. Meanwhile, the CAD has dropped to a 20-year low against the USD, with the MXN also falling to a three-year low against the greenback. Stock markets the world over have also been under pressure, with bourses from London to Tokyo registering declines of over 1%. In the long-term, the outlook remains foggy, with Trump stoking fears that the EU is next in the firing line.

The pain could deepen if there’s no eleventh-hour reversal from the Trump admin: “Markets were a little complacent in wanting to believe that some of the threats wouldn't be carried through,” BlueBay Asset Management's chief investment officer Mark Dowding told Reuters. “It feels like there is further to run if there's no last-minute olive branch from the US.”

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Students impacted by the USAID funding freeze will have their tuition covered, says Higher Education Ministry: The Higher Education Ministry has reassured the 877 students at Egyptian universities on USAID-funded scholarships impacted by US president Donald Trump’s foreign aid freeze that they will be covered by their universities under the same arrangement, with the American University in Cairo following similar procedures for their 200 students on USAID scholarships.
  • A record-breaking 2024 for Beltone Holding: Our friends at Beltone Holding recordedEGP 1.7 bn in net income during 2024, a 4.6x y-o-y rise.
  • The pharma sector’s performance last year gives us reason to believe the market is en route to normalcy, with local pharma sales climbing 42% y-o-y in 2024, coming in at EGP 292 bn according to Ibnsina Pharma.

☀️ TOMORROW’S WEATHER- Warm-ish temperatures continue tomorrow in the capital, with the mercury set to reach a high of 22°C, before a dive to 14°C at night according to our favorite weather app.

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FOR YOUR COMMUTE

The internet is dead, long live the internet

The internet as we knew it might be dead and gone. The Dead Internet theory has been around for almost a decade, but the conspiracy now seems closer than ever to becoming a reality. What believers claim is that most of the content and activity we see on the internet is populated by bots, and now, AI. AI bots are being used to generate posts created specifically to maximize online engagement on social media platforms. But the only ones engaging with artificial posts? Other AI bots.

Is the online world even for humans anymore? With AI seemingly making leaps of progress everyday, people are now having trouble identifying what’s real and what’s not. Online shopping scams are already on the rise thanks to the power of AI-generated images and deepfake technology. But that’s not the worst of it. More malicious applications of sophisticated tech would be to pollute digital town squares with sponsored disinformation and propaganda, steering people’s opinions to the benefit of the highest bidder or trapping them in echo chambers of bias, all under the guise of an online community.

But there are more material ways a dead internet will harm humanity. The reliance on LLMs like ChatGPT and other AI bots — which have a seemingly unstoppable tendency to hallucinate — as search engines means that people will stop consulting the expertise of real humans being published online, putting us at risk of consuming and accepting false information without question. And as AI agents start operating on social media, genuine human experiences, insights, and discussions could become increasingly difficult to find amid a sea of synthetic content.

The economy could take a hit: Increasing AI bot engagement could distort the market by creating false signals that could lead to businesses making decisions based on seemingly popular trends or consumer preferences that are actually being manufactured by bots. The digital advertising ecosystem — a major source of revenue for Big Tech — could face severe disruption when the bulk of the traffic and engagement comes from non-human sources. Once advertisers realize that they aren’t reaching enough real customers, internet publishers will see a collapse in CPM (cost per thousand impressions) and a shift away from digital advertising, which threatens the revenue model that supports much of the free internet.

What can we do? As digital literacy declines across the board, even — and maybe especially — among the younger generations who were heralded as digital natives, it becomes increasingly important to develop the ability to recognize AI-generated posts and pictures, fact check information being circulated widely, and distinguish between credible sources and AI slop.

Can we save the internet? Maybe, but not easily. Traditional verification systems like CAPTCHA are not discerning enough to keep out the bots. But implementing more sophisticated proof-of-personhood protocols could be a threat to our data and our privacy. Online platforms will need to redesign their algorithms to favor meaningful engagement over raw metrics to encourage genuine content creation and authentic online communities. Community-based content validation mechanisms could help maintain content quality without relying on automated moderation, says the Harvard Business Review, but it doesn’t solve the root problem. A possible holistic solution for this would be to increase ISP responsibility for network security, writes HBR.


The 2025 Grammys are done and dusted. Here’s what went down. Beyoncé made Grammy history with her Album of the Year win by being the first Black artist to clinch the title, silently addressing years of criticism over the Recording Academy’s past snubs. Her eighth studio album, Cowboy Carter, led the nominations with 11 nods. But she didn’t stop there — her collaboration with Miley Cyrus on II Most Wanted took home Best Country Duo Performance.

Kendrick takes it all: Kendrick Lamar dominated the rap categories with his track Not Like Us, which set a new Grammy record with five awards in a single night. K Dot went home with Song of the Year, Best Music Video, Best Rap Performance, Best Rap Song, and also secured Record of the Year for the single.

Rising pop star Sabrina Carpenter had a breakthrough night, winning Best Pop Album for Short N’ Sweet and Best Pop Solo Performance for her viral hit Espresso. Other notable victories include Lady Gaga and Bruno Mars’s Die With a Smile for Best Pop Duo Performance, newcomer Chappell Roan claiming Best New Artist, and Shakira taking home Best Latin Album.

On a deeper note (pun not intended): The ceremony included a few somber moments, most notably honoring Liam Payne, a former member of UK boy band One Direction, who passed away a few months ago. Artists showed solidarity with the California wildfire victims by wearing blue heart pins on the red carpet and through acceptance speeches throughout the ceremony. Meanwhile, fans of Taylor Swift were left disappointed, conspiracy theories in tow, as the artist — who usually goes home with armfuls of awards — left the Grammys empty handed.

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ON THE TUBE TONIGHT

So your neighbors are zombies… Now what?

? Terror and isolation in this South Korean thriller. #Alive follows Oh Joon-woo (Yoo Ah-in), a millennial gamer trapped in his apartment as a mysterious virus turns his neighbors into zombies. The movie follows his journey to avoid the virus and his infected neighbors, charting his mental and physical struggle for survival.

Joon-woo posts an SOS on social media when he begins running low on food and water. Just as he begins losing hope, he connects with Kim Yoo-bin (Park Shin-hye), a fellow survivor living in a neighboring apartment. Together they form an alliance and attempt to outwit the zombies, all while holding onto their humanity.

Despite a simple narrative, the end product is a thrilling watch. The film relies on captivating performances — like Yoo Ah-in’s perfect balance between humor, determination, and despair — creative tension, and clever use of technology like drones and booby traps to provide the audience with a thrilling experience.

WHERE TO WATCH- You can watch the movie on Netflix or catch the trailer on YouTube (runtime: 4:23).

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EAT THIS TONIGHT

Bagels, schmears, and coffee

? Start your morning with bagels and coffee. The newly opened G’s offers bagels in all of their glorious forms, with each customer likely to find something to sate their bagel cravings. The same applies for drinks — whether you prefer coffee or matcha, hot or iced, bitter or sweet, this place has it all.

We had a hard time making a decision. All kinds of fillings are on the table, including falafel for those who prefer traditional flavors. We ultimately went for the steak stack, which consists of beef steak, caramelized onions, G’s sauce, cheddar cheese, and lettuce in a bagel of your choice — with the options including plain bagel, everything bagel, and sesame bagel. The steak was juicy and perfectly paired with savory flavors along with the delicious contrast of caramelized onions. Another standout was the Turkey Berry, which is a turkey and cream cheese bagel topped with berry sauce and parmesan cheese — a unique combination of flavors that we loved.

G’s also offers a range of tasty — and somewhat inventive — schmears. These are cups filled with spreads that you can pair with the bagel of your choice. There’s cream cheese, hot honey, roasted carrots and olives, roasted garlic and rosemary, and vanilla bean. We’d recommend a matcha white chocolate bagel with a vanilla bean schmear for a sweet conclusion.

Wash it all down with a drink. Aside from the classic coffee orders, G’s offers unique drinks including honeycomb lattes and mango matcha. We enjoyed the iced salted caramel latte — the perfect balance between sweet and earthy.

WHERE TO FIND IT- You can find G’s at The Isle in Sheikh Zayed City. They are currently in their soft opening phase, so they don’t have a delivery option yet.

This publication is proudly sponsored by

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Sports

Chelsea and West Ham conclude Matchweek 23 of the Premier League

⚽ All is calm on European pitches today as the Premier League, Serie A, and La Liga wrap up their current matchdays. The marquee feature of the day is Chelsea hosting West Ham at Stamford Bridge at 10pm, closing out Matchweek 23 of the Premier League.

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OUT AND ABOUT

Celebrate the magic of animation

MARK YOUR CALENDAR-

?️ The Animatex Festival is back for its fifth edition. It’s bringing a packed program including screenings of both short and feature animated films, discussions, panel talks, and workshops for animation enthusiasts — and those looking to network with local and international industry leaders. The festival will take place at the AUC Tahrir campus from Thursday, 20 February until Tuesday, 25 February. You can grab your tickets from Ticketsmarche.

(Tap or click the headline above to read this story with all of the links to external sources.)

HAPPENING THIS WEEK-

Spend your evening today listening to traditional music. Don't miss out on an enchanting evening with Sha’bana Bahari performing both Bedouin and Red Sea songs. The event will be held today and will start from 7pm at Rawabet Art Space in Downtown Cairo. Tickets are available on Ticketsmarche.

Watch Gouha’s world sketched and told. The Tales of Gouha will hit the AUC Tahrir stage for two shows tomorrow at 11am and Wednesday, 5 February at 11:30am — with live illustrations and storytelling packed with nostalgic humor and sharp social commentary. Get your tickets here for Tuesday and Wednesday ’s show on Ticketsmarche.

Don’t miss your chance to expand your library. The 56th edition of Cairo International BookFair ends this week on Wednesday, 5 February. Head to the Egypt International Exhibition and Convention Center in New Cairo for one last sweep.

Rave with your ancestors this weekend. DHB at the Pyramids kicks off this Friday, 7 February at 6pm, and will feature an array of electronic, house, and techno music. Grab your tickets from Ticketsmarche.

Folklore is making a comeback. Tablet El Sitt is back at The Theatre this Friday, 7 February from 8pm. Tickets are available on Ticketsmarche.

Start off the first week of the month with a mix of UK tunes and Arabic classics. At CJC 610 this Friday, 7 February, international DJ Saliah and local favorites Hwa Fi Eh and Lana will be performing at CJC 610. Get your tickets at Ticketsmarche.

Diverse galleries and a dynamic fair program. Experience the artistic talents of the MENA region at the 6th edition of Art Cairo. The exhibition will be held at the Grand Egyptian Museum from Saturday, 8 February until Tuesday, 11 February. Tickets are available on CollardTickets.

HAPPENING LATER-

Craving a taste of Asia? The Thai Food Bazaar will have top Thai chefs preparing their signature dishes live — so you can watch, savor, and maybe even steal a secret or two. The event will take place at Al Horreya Park in Zamalek for four days, starting on Thursday, 13 February till Sunday, 16 February, with the event set to run from 12pm to 8pm each day.

A Valentine's Day that hits all the high notes: Soprano Amira Selim will host a special Valentine's Day concert, performing a selection of classic romantic songs in French, English, Italian, and Egyptian Arabic, accompanied by pianist Pascal Rozier. The concert begins at 8pm on Thursday, 13 February at the Cairo Opera House in Zamalek. Get your tickets from Tazkarti.

Cairokee x New Capital: Cairokee will perform in El Nahr El Akhdar Park in the New Administrative Capital at 8pm on Friday, 21 February. Tickets are available on Ticketsmarche.

Get dreamy with Ghostly Kisses. The French-Canadian pop band Ghostly Kisses will return to Cairo later this month for a performance at the Mövenpick Media City Theater in 6th of October. After their initial concert on Friday, 21 February sold out, the band announced that it will be adding a second performance date on Thursday, 20 February as part of their 2025 world tour. Get your tickets to the show on Ticketsmarche.

An evening of nostalgic music is in the cards for you this month. With the first concert selling out, get ready for an additional night with Reham Abdel Hakim and Mai Farouk as they pay tribute to the legendary Umm Kulthum, performing a selection of her most loved songs. Conducted by Maestro Tamer Fayzi, the concert will take place at the Grand Egyptian Museum near the Pyramids at 8pm on Monday, 24 February. Formal attire is required for attendance, and to attend secure your seat on Ticketsmarche.

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GO WITH THE FLOW

What the markets are doing on 3 February 2025

The EGX30 fell 0.6% at today’s close on turnover of EGP 3.1 bn (18.4% below the 90-day average). Regional investors were the sole net sellers. The index is down 0.1% YTD.

In the green: Beltone Holding (+4.6%), Orascom Construction (+1.3%) and CIB (+0.5%).

In the red: Orascom Development (-2.6%), Palm Hills Development (-2.6%) and Alexandria Containers and Cargo Handling (-2.6%).


FEBRUARY

23 January - 5 February (Thursday-Wednesday): Cairo International Book Fair at the Egypt IECC in New Cairo.

2-5 February (Sunday-Wednesday): SYNC Public Speaking workshop at O West.

4-5 February (Tuesday-Wednesday): Tales of Gouha at AUC Tahrir.

7 February (Friday): Tablet El Sitt at The Theatre.

7 February (Friday): Saliah, Hwa Fi Eh and Lana at CJC 610.

7 February (Friday): DHB at Giza Pyramids

7-8 February (Friday-Saturday): The Art of Public Speaking Workshop at AUC Tahrir.

7-8 February (Friday-Saturday): Football Access Summit at Zed Park.

8 February (Saturday): Cairo Vintage Souq at Al Zohriya Garden.

8-11 February (Saturday-Tuesday): 6th edition of Art Cairo at the Grand Egyptian Museum.

13 February (Thursday): Red Bull Dance Your Style at El Malahy.

13-16 February (Thursday-Sunday): Thai Food Bazaar at Al Horreya Park

14 February (Friday): Heliopolis Marathon with Cairo Runners.

14 February (Friday): Medhat Saleh Hob x Hob concert at Theatro Arkan.

20-25 February (Thursday-Tuesday): Animatex Festival at AUC Tahrir

20-21 February (Thursday-Friday): Ghostly Kisses at Movenpick Media City.

21 February (Friday): E7kky Festival.

21 February (Friday): Egycon 12 at Family Park, New Cairo.

21 February (Friday): Cairokeeat El Nahr El Akhdar Park in the New Administrative Capital.

22 February (Friday): MENA Product Summit at Townhall by Kamelizer – District 5.

23 February (Sunday): Umm Kulthoum Tribute Concert at The Grand Egyptian Museum.

23-25 February (Sunday-Tuesday): Sports Expo 2025 at Egypt International Exhibition Center.

24 February (Monday): Umm Kulthoum Tribute Concert at The Grand Egyptian Museum.

APRIL

1 April (Tuesday): Annual Flower Exhibition at the Agricultural Museum.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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